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An initiative to build a monument of Satoshi Nakamoto, the pseudo-anonymous creator of Bitcoin and blockchain technology, in the Ukranian Capital Kyiv, is gaining significant traction.

Nakamoto Gaining Public Relevance

According to RadioFreeEurope, the statue would be one of the first monuments centered around cryptocurrencies and blockchain technology to honor Nakamoto. “We are engaging in the construction of monuments to the great man who for everyone is a new symbol of freedom,” said Andriy Moroz, a Ukranian co-founder of the group petitioning to erect the Nakamoto statue.

The goal is to place the Nakamoto statue in the capital of Ukraine where the red Karelian monument of Vladimir Lenin, the Soviet Union’s founder once stood. Lenin’s statue was violently toppled and crushed by a large mob in 2013 amid the Euromaidan events.

“The monument to Lenin was a symbol of last centuries that had already passed, leaving conflicting feelings in the hearts of people,” said Moroz. “Satoshi and the decentralization of society are a new era and new opportunities.”

Satoshi Statue Digitally Visible

The first stage of the monument is to create a digital version of a Satoshi statue that can be seen through a smartphone app. Virtual reality and robotics company Raccoon World will design the app.

The goal is to use plinth at the site and augmented reality to show a virtual statue when a smartphone or a computer tablet is pointed in that direction. The emergence of the statue should be similar to the Pokemon Go experience.

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The Satoshi Nakamoto Republic, a group of advocates for the campaign, plans to file a petition and apply for council commission to build a monument at the site soon.

The group stated:

“In case the permission for the monument installation will be received, it will be erected in Kyiv, on boulevard Shevchenko, on the site of the monument to Lenin. In case the petition will be declined, the monument to Satoshi Nakamoto will be erected on another location. Now there is a wave of interest on the part of business to erect the monument on one of the territories of the contemporary technological business centers of Kyiv.”

The Nakamoto monument initiative received a boost in awareness and funding when Aleksandr Soroka, a Ukrainian entrepreneur, donated one bitcoin to aid the campaign.

Ukraine and the Bitcoin Boom

Even though cryptocurrency prices have fallen, concerns have risen with increasing electricity consumption, and fears over security and hacks, RadioFreeEurope believes that Ukraine has nevertheless been swept up in the cryptocurrency industry.

Soroka mentioned that many Ukrainians see a lot of potential with blockchain technology. Ukraine also has many “proactive” citizens eager to build a new industry around the emerging technology. “But first they need help from parliament and support from people in government, and they aren’t getting a whole lot of that right now,” said Soroka.

Unfortunately, the slow government regulations are holding back the fast-paced nature of the cryptocurrency sector. While Governments are uncertain when it comes to responding to the emerging technology, businesses have stepped in to take care of new demands.

A great example is the Kyiv-based National Credit Bank. They launched a network of approximately 5,000 payment terminals that allow customers looking to exchange Bitcoin for Cash. They established these BNK-ATMS because of the growing demand for a more convenient, cheaper, and safer payment system. These BNK-ATMs also allow users to pay for comoon utilities like household bills with bitcoin.

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